Teekay Tankers (NYSE:TNK) Announces Earnings Results, Beats Estimates By $0.15 EPS

Teekay Tankers (NYSE:TNK) released its quarterly earnings results on Wednesday. The shipping company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.54 by $0.15, FiscalAI reports. The firm had revenue of $286.09 million for the quarter, compared to analysts’ expectations of $214.11 million. Teekay Tankers had a net margin of 36.90% and a return on equity of 12.60%.

Teekay Tankers Price Performance

TNK stock traded down $2.32 during midday trading on Wednesday, reaching $77.74. The company had a trading volume of 492,624 shares, compared to its average volume of 513,429. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 7.70 and a beta of -0.21. The stock has a 50 day moving average price of $74.12 and a 200-day moving average price of $65.51. Teekay Tankers has a 1-year low of $41.05 and a 1-year high of $83.99.

Teekay Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, March 2nd were given a $0.25 dividend. The ex-dividend date was Monday, March 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Teekay Tankers’s dividend payout ratio (DPR) is presently 9.91%.

Hedge Funds Weigh In On Teekay Tankers

Several hedge funds have recently bought and sold shares of TNK. Vident Advisory LLC acquired a new position in shares of Teekay Tankers in the 4th quarter valued at approximately $718,000. EP Wealth Advisors LLC bought a new position in Teekay Tankers in the fourth quarter valued at approximately $316,000. Empowered Funds LLC raised its position in Teekay Tankers by 5.4% during the fourth quarter. Empowered Funds LLC now owns 158,170 shares of the shipping company’s stock valued at $8,449,000 after purchasing an additional 8,066 shares in the last quarter. XTX Topco Ltd acquired a new position in Teekay Tankers during the fourth quarter valued at approximately $1,199,000. Finally, Voloridge Investment Management LLC bought a new stake in Teekay Tankers during the fourth quarter worth $1,022,000. 52.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wall Street Zen raised Teekay Tankers from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. DNB Markets downgraded Teekay Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Zacks Research lowered Teekay Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Evercore reiterated an “outperform” rating and set a $90.00 price objective on shares of Teekay Tankers in a research report on Tuesday, April 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Teekay Tankers in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.00.

About Teekay Tankers

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.